tax accounting

All posts tagged tax accounting


You might figure out how much you need to withhold from the employee paycheck. Yet, what will you do with money that you withhold? Right, you need to send and report employment taxes to the government taxes agencies. But, when do you deposit and report employment taxes? You need not to worry since here are some information about when to deposit and report employment taxes.

Deposit and Report employment taxes

Here is some information on the employment taxes due dates for reporting and depositing. It includes some federal incomes tax, FUTA, and Social Security and Medicare Taxes. But you need to be careful since the employment tax might have different deadline for reporting and depositing.

Federal Income Taxes Withholding

1 ) Depositing


For the federal income taxes withholding, you need to deposit either semiweekly or monthly. You can determine the frequency of the depositing before the beginning of the each year. The schedule of the depositing you have made is according to the total tax liability which is reported on form 941 which is during the four quarter period of IRS Lookback.

For example, if you report amount of money, let’s say $50,000 in the taxes during the period of the lookback, you will become monthly depositor. If you have Report employment taxes which is reported more than for example $50,000 in the taxes, then you are called as semiweekly depositor. The total taxes liability will include the federal income taxes, Medicare tax and Social Security tax.

So, let’s say you run new business. And if it is the case, you will be automatically a monthly depositor for the first year you have. The monthly depositors will be due on the date of 15 for the following month. The employment taxes deposit and report payday will fall on Wednesday, Thursday and Friday. Then, the deposit taxes will be by the following Wednesday. When the payday falls on Monday, Sunday, Tuesday and Saturday, the following Friday will be the deposit tax day.

The schedule of deposit you have can possibly change from the year to another year. So, you need to make sure that you examine carefully the period of the lookback. What you need to understand when depositing is that when depositing the federal income taxes, you should make electronic funds transfers by using EFTPS, a payroll taxes filling service or tax professional.

2 ) Reporting


You need to report the federal incomes taxes withhold on the Form 941. You should file the Form 941 each of the quarter. The form will be due on last day of each month that follows the each quarter. The due date of the Form 941 is as follows; the quarter 1: April 30, the quarter 2: July 31, the quarter 3: October 31, and the last quarter is on January 31.

So, are you now still confused on when to deposit and report the employment taxes? Hopefully the information of due date and what status you will have above will help you a lot understand more about depositing and reporting the employment taxes. Good luck then!

Description: Report employment taxes have two things to do, the first one is the depositing method and the second is the reporting method. Each has different due date and functions also status.